Fresh writedowns, more job cuts seen at UBS: report

Discussion in 'Wall St. News' started by ASusilovic, Mar 29, 2009.

  1. ZURICH (Reuters) - Switzerland's UBS (UBSN.VX) (UBS.N) is expected to announce more writedowns and job cuts in the coming days, Swiss newspaper Sonntag reported on Sunday.

    Shares in UBS, the world's largest wealth manager in terms of assets, fell 7 percent on Friday as rumors swirled of a profit warning and more writedowns in the first quarter. The bank, one of Europe's hardest-hit in the crisis, has already written down more than $49 billion since mid-2007.

    Sonntag said UBS would write down at least another $2 billion on illiquid assets, including asset categories so far not much in the spotlight such as Credit Linked Obligations (CLOs), the paper said citing people familiar with the matter.

    The Swiss bank giant would also slash another 8,000 jobs, the newspaper said, including some private banking staff.

    "This could already be known on April 1," Sonntag said.

    Every rally is hit with more "writedown" headlines...drop, drop, drop...
  2. LOL, they really suck! :p
  3. 1) ......AND liabilities?
    2) "You and us,....UBS". Soon to be replaced by "Just you by yourself,......UBS". :cool:
  4. Illum